Sharemarkets, spooked by a string of failed mergers, are indicating doubt that Perpetual’s acquisition of Pendal will go ahead as the spread between the target’s share price and the implied offer has blown out to double digits.

On Monday, Pendal shares were trading at $4.50 – an almost 12 per cent discount to the $5.08 price that shareholders theoretically would be paid based on Perpetual’s scrip and cash offer.